Downtown Milwaukee Condo Market: Looking Back on 2013
The condominium market in downtown Milwaukee showed signs of turning the corner in 2013.Milwaukee's Westown neighborhood experienced the sharpest increase in Average Fair Market Value (FMV) per Square Foot in 2013 thanks to the newest condominium development in downtown Milwaukee, The Moderne. Per Metro MLS, developer Rick Barrett sold half of the total number of condominium units during 2013 (FMV range between $214,000 for a one-bedroom unit and $1,060,000 for a three-bedroom unit).
Milwaukee's Lower and Upper East Side neighborhoods experienced impressive gains during 2013 as well. Key sales include units at 1522 On The Lake, Landmark On The Lake, and a few smaller condominium associations located in Milwaukee's Upper East Side neighborhood.
Milwaukee's East Town and Brewer's Hill (including Milwaukee's Beerline) neighborhoods experienced modest gains during 2013. Key sales include units at BreakWater, Kilbourn Tower, University Club, and The Edge (the Beerline's newest condominium development).
Average FMV per Square Foot remained fairly flat for Milwaukee's Historic Third Ward, Walker's Point (including Fifth Ward), and Riverwest. Key sales include units at Harbor Front, Hansen's Landing, Marine Terminals Lofts, The Point, Waterfront, and Hi-Fi Lofts.
In all, five of the ten neighborhoods located in and around downtown Milwaukee experienced price increases in 2013 (Average FMV per Square Foot). Average FMV per Square Foot leveled off in three neighborhoods and decreased in only two neighborhoods (Bay View, Halyard Park).
Why do I analyze the real estate market using Average FMV per Square Foot? In my opinion, this allows me to analyze trends of comparable units across various neighborhoods. This figure includes all units - regardless of price point, size, room count, parking, and any other amenity. To determine the FMV of your home, other analyses must be performed. The above analysis focused on a small sub-market of Metro Milwaukee (the condominium market in and around downtown Milwaukee) and can be performed in other markets for both homes and condos.Curious about market trends in your neighborhood? Interested in learning more about the value of your home or condo? Please contact me at dray@shorewest.com or (414) 412-7980.
Disclaimer: All data and information provided on this site is for informational purposes only. The author makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. This is a personal weblog. The opinions expressed here represent my own and not those of my broker.
posted by David Ray @ 1:25 PM
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